THE CONTRACT FOR SALE	17
part in the auction. The auctioneer knocks down
the property to the highest bidder (unless the
property is withdrawn because the reserve fixed
as the lowest price to be accepted for the property
is not reached), receives the deposit, usually 10 per
cent, from the purchaser and obtains his signature
to the memorandum incorporated in a print of the
particulars and conditions which he (the auction-
eer) retains. The auctioneer then signs a duplicate
memorandum as agent for the vendor which he
hands to the purchaser with a receipt for the
deposit. Wherever possible, the auctioneer obtains
the name of the purchaser's solicitor to whom the
abstract of the vendor's title is to be sent and
gives this information to the vendor's solicitor.
When properties are offered for sale by auction
and not sold, the particulars and conditions of sale
used at the auction are frequently utilised on any
subsequent sale by private treaty, thus obviating
the preparation of a fresh contract. If this course
is adopted, care must be taken to see that any
necessary alterations are made (e.g. as to the date
for completion) and that the alterations are ini-
tialed by both parties.